The real estate sector mirrors a country’s economic progress, investment prospects, and overall well-being, serving as a barometer for the economy’s vigor and reliability. Like in various other countries, Turkey’s real estate arena has played a pivotal role in propelling economic growth and is a significant indicator of the nation’s steadiness. By closely evaluating the statistics of housing sales in Turkey in August 2023, we obtain crucial insights into the market’s current condition and the implications for both buyers and sellers.
Housing sales in Turkey reached 122,091 in August 2023
According to the TUİK Data, the number of housing sales in Turkey in August 2023 fell by 1.1% from the same month in the previous year to 122,091. Istanbul had the highest share with 17.408 home transactions and 14.3%. Ankara was second with 11,704 sales and 9.0%. However Izmir followed them with 6,504 sales and 5.3%. Yet, the three provinces with the fewest home sales were Ardahan (39), Hakkari (67), and Artvin (139).
Moreover, house sales fell in the period between January and August to become 797,418. This drop constituted a decrease of 15.5% compared to the same period last year.
Property sales in Turkey by type in August 2023
In August 2023 the number of first-hand housing sales in Turkey fell by 9.5% compared to the same month last year, reaching 35,310 sales which made 28.9% of all home sales. Besides, first-time home sales fell from 238,109 in January to August, with a 13.8% decline from the same period the year before.
On the other hand, August saw a 2.7% increase in second-hand housing sales in Turkey compared to the same month last year, totaling 86,781. This constituted 71.1% of all home sales. Moreover, in the months of January through August, sales of second-hand properties fell by 16.2% from the corresponding period in the prior year to reach 559,309 units.
Mortgage home sales in Turkey in August 2023
When compared to the same month last year, the number of mortgaged housing sales in Turkey fell by 26.1% in August, to become 16,375 sales and 13.4% of all home sales. However, this type of sales fell by 28.0% from January through August of last year to decline to 152 438.
House sales made to Foreigners August 2023
August 2023 witnessed a 42.0% decline in the number of housing sales in Turkey sold to foreigners compared to the same month last year, falling to 3058 transactions. Thus, the number of properties sold to international buyers made up 2.5% of all sales. Moreover, Istanbul came in first place with 1,066 sales to overseas customers. Besides, Antalya came in second position with 919 home sales to foreigners. However Mersin followed them in 3rd place , with 248 transactions.
In the months of January through August, the number of homes sold to foreigners fell to 25134 sales with a drop of 43.6% compared to last year. Russian as usual were at the head of the list of international buyers. In fact, they bought 773 houses from Turkey in August 2023. Moreover, the number of housing sales in Turkey made by Iranians was 342 which brought them to 2nd position. Iraqis however took the 3rd position with 220 sold properties. Yet, buyers from Kazakhstan 141 sales. properties sold.
Stay updated on the property market trends in Turkey.
A thorough approach is necessary to properly understand the complexity of Turkish real estate transactions. housing sales in Turkey , governmental regulations, and economic benchmarks are among the economic data that our team of experts examines in order to understand how they affect the market. We can identify emerging trends, market inclinations, and prospective investment possibilities by comparing the performance of various cities and areas. Simply fill out the form below to remain informed.